摘要
通过公开发行股票筹集资金的上市公司不是投资特定项目,而是去购买理财产品的现象,一段时期以来受到媒体和公众的广泛关注。本文基于2011-2017年我国A股非金融上市公司购买理财产品的数据,借助投资-投资机会敏感度模型,实证检验了上市公司购买理财产品对其实体投资效率的影响。研究发现,购买理财产品降低了上市公司的实体投资效率,而这一效率损失可以被进一步分解为来自投机套利动机、公司代理冲突和现金流约束的效率损失。依据购买理财产品的资金来源不同和是否近年内IPO,购买理财产品行为对实体投资效率的影响存在显著差异。本文从对实体投资效率的视角回答了上市公司是否应该购买理财产品的问题,所提供的直接经验证据为我国资本市场科学评估上市公司购买理财产品行为的合理性带来丰富的政策含义。
The phenomenon that listed companies who raise funds through public issuance of stocks tend to purchase financial products rather than invest in specific projects,has attracted wide attention from the media and the public for a period of time.Based on the data of financial products purchased by A-share non-financial listed companies in China from 2011 to 2017,this paper empirically tests the impact of financial products purchased by listed companies on their entity investment efficiency using the investment-investment opportunity sensitivity model.It is found that purchasing financial products reduces companies’entity investment efficiency,and this efficiency loss can be further decomposed into efficiency loss from speculative arbitrage motivation,agency conflict and cash flow constraint,respectively.Dependent on different sources of funds for purchasing financial products and whether or not the listed companies have finished initial public offering in recent years,the effects of purchasing financial products on the entity investment efficiency are different.Therefore,this paper answers the question whether listed companies should purchase financial products from the perspective of entity investment efficiency.The direct empirical evidence brings rich policy implications for the scientific evaluation of the rationality of listed companies’purchasing financial products in China’s capital market.
作者
郑志刚
张浩
黄继承
赵锡军
Zheng Zhigang;Zhang Hao;Huang Jicheng;Zhao Xijun
出处
《证券市场导报》
CSSCI
北大核心
2020年第12期8-19,共12页
Securities Market Herald
关键词
购买理财产品
实体投资效率
投机套利动机
公司代理冲突
现金流约束
purchasing financial products
entity investment efficiency
speculative arbitrage motivation
agency conflict
cash flow constraints
